Bengaluru Jewellers Association issues advisory amid soaring gold and silver prices

With gold and silver prices hitting new highs, the Bengaluru Jewellers Association has urged citizens to verify rates and buy only BIS-hallmarked jewellery to avoid fraud.

With gold and silver prices steadily climbing, the Jewellers Association of Bengaluru (JAB) has cautioned citizens against overpaying or purchasing unverified jewellery. Addressing a press conference, JAB President Chetan Kumar Mehta clarified that the Jewellers Association of Bengaluru (JAB) fixes and circulates official gold and silver rates daily to all jewellery stores across the city.

However, he noted that minor price variations are being reported between shops, leading to public confusion. “Customers must cross-check rates with JAB before making purchases. Every store receives the official price list daily,” Mehta said. He also assured that a quality verification system for gold and silver is in place to ensure purity.

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Amid allegations that some shops are buying stolen gold, the association has directed jewellers to retain at least two years of DVR footage and alert the police if any suspicious individual attempts to sell gold. The advisory follows the Kerala gold theft investigation, in which Ballari-based jeweller Roddham was questioned by the SIT.

“Jewellers should not suffer for someone else’s wrongdoing,” said Mehta, adding that the association’s new guidelines aim to protect both traders and customers from fraud.

India accounts for 38% of the country’s gold sales from South India, with Tamil Nadu leading and Karnataka ranking second. Due to rising prices, nearly 30% of consumers are selling old gold and silver, said G.V. Sridhar of Shriram Jewellers, who also predicted that prices will not drop until mid-2026.

He attributed the price hike to global inflation, ongoing wars, and economic uncertainties, noting that gold remains the world’s safest investment. “Even banks are now increasing gold purchases,” Sridhar said.

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He further advised customers to invest up to 25% of their savings in gold, preferably in jewellery rather than solid bars. Customers were also urged not to buy jewellery online and to ensure it carries both BIS and Hallmark certification.

Jewellers have requested the government, through Council Member Sharavana, to establish a Jewellery Park in Bengaluru to boost the city’s global reputation in antique jewellery production. Bengaluru currently ranks first worldwide in antique jewellery manufacturing.

The association concluded by reminding buyers to verify each gold item’s HUID number through the official BIS mobile app, warning that even hallmark symbols can be forged.